Reliance Industries May Test Rs 1450
Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "In Hindustan Petroleum Corporation (HPCL) Rs 530 becomes a kind of a trailing stoploss. Given the size of the move yesterday, I won’t be surprised if you get Rs 625-650 on HPCL."
He further added, "ONGC is a big dog. For years it does nothing. It goes up if there is some divestment which comes to the plate. Given the way Reliance has corrected and moved up today, I would move over to Reliance. I don’t think ONGC has much going for it."
"In Reliance Industries Rs 1290-1300 is a decent stoploss. I won’t be surprised if it retests its previous highs of about Rs 1450," he said.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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